Charles Darwin once said, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” The same can be said for a business’ ability to adapt to market changes in the constantly evolving economy.
Different market conditions can help determine the viability and sustainability of a company. Some examples of market conditions are the level of competition you would face, the need for the product or service, and market saturation.
Whether you have the desire to take on the entrepreneurial journey or are already on it, you must factor in those conditions and be willing to adapt to them if you want your business to succeed.
You might be wondering how to overcome some of these obstacles or asking yourself how you can keep up with conditions that are sometimes unpredictable.
F45, a rapidly-growing fitness franchise, asked us to offer some insight and examples in regards to adapting to market changes and staying on top of your game in an unpredictable world.
Is there a need for what you offer? If so, what makes you different?
Before pursuing any venture, you should think about the service you will be offering and the need for it.You can ask yourself the following questions:
- Is my product or service still applicable in today’s market?
- Will my business be overlooked due to overwhelming competition?
- Am I passionate enough to see it through the good and the bad?
These are just some of the many questions one should ask before entering the business world. For example, someone who fixes iPhone screens has a skill that is more needed today than someone who fixes tubes in televisions. Understanding the viability of what is profitable versus what is defunct is extremely important to your success. What was a necessity in the 1990s isn’t going to be the same as what is a necessity in today’s world.
Even if you have a business in an industry that will never go out of style, you still have to adapt in other ways. For instance, if you want to open a fitness franchise, you must still first understand the mission, goal and overall service that you want to offer.
For example, an F45 franchise aims not only to empower those trying to get in shape, but also the entrepreneur who wants to take on owning their own business. By combining game-changing workout experiences with the latest fitness tracking technology, the brand not only helps franchise owners succeed, but also keeps them up-to-date on new and innovative market trends in the fitness industry.
Knowing your competition – not obsessing over them
Competition is out there for everyone. While it can be hard to know that you aren’t the only one out there in your field or occupation, you can be sure that the others find it hard too. The difference is knowing who they are and moving on, versus obsessing over them and what they are doing.
Amazon creator and CEO Jeff Bezos has said, “We let our competition focus on us, while we stay focused on the customer.” You can only control what you and your business do. . Letting the competition take control of your focus or mission is not only detrimental to your business, but your own mindset as well.
Stay abreast of what competition is currently available or soon to be. Remind your audience of what makes your business special and what you can offer your customers. Keep doing what you have always done and stay focused on making your business better, not on how to make your competition fail.
If you are entering a place where you are the newbie in the business world, don’t focus on what’s already out there. Focus on what sets your business apart from the others. Share your story and why you are passionate about pursuing your entrepreneurial dream in your chosen field. People will feel your passion and they will want to be a part of it.
The more you focus on what’s benefitting you and your customers, the better off your business will be in the end.
Market saturation: Don’t fall behind and always keep up-to-date
Whether you are already in the market or plan to join it be sure to know the market saturation of what you are offering. This is true for any business or service.
For instance, look at the market for fitness businesses. Now, perhaps more than ever before, fitness and health have become priorities for many individuals. It’s doubtful that the need for a gym will ever go away, and there are so many kinds of gyms out there that it can be easy to get lost in the shuffle. In order to be one step ahead of the changing tide of the market and the fitness world, you need to recognize the needs of your end users while staying innovative in this ever-evolving industry.
By understanding the best and most effective workout methods, F45 has been able to rapidly expand the brand without losing focus on its mission or end results. The health and fitness industry has been around a long time—while some franchises have come and gone, new owners want to invest in a state-of-the-art business model that will stand the test of time.
By staying up-to-date on the vastly changing fitness industry, as well as the likes and interests of your targeted audience, you could distinguish yourself within the highly popular fitness industry and be the gym where everyone wants to go.
Knowing the best ways to reach your customers
There are many avenues for reaching customers. As an entrepreneur, you must find the most lucrative way of reaching your targeted audience. Outside of just having a storefront, it’s also important to utilize modern methods of communication to keep people in the loop of what your business is about.
Maintaining and adapting to the changing world of social media and phone apps is essential in today’s world. As a gym owner, you want to provide members with online portals and apps that help track performance, create goodwill competitions and include meal plans to help with overall health. The combination of technology that is revolutionary for members and entrepreneurs alike and a passion for business and hard work leads to success.
It’s important to know what technology people want to use and adapt accordingly to new and exciting platforms in your chosen industry. This allows you to not only up the game in the market, but also be one step ahead of those around you.